Range Resources Share News (RRL)

LONDON (Alliance News) - Range Resources Ltd Monday said its average Trinidad production has increased by 18% to an average of 630 barrels of oil per day, from the 533 barrels of oil per day it reported back in April.

The hydrocarbon exploration firm said the production increase was primarily due to excellent results at its QU 452 well in the South Quarry field, which it said is producing at a stabilised rate of 70 barrels of oil per day of very light 470 API oil on a 5/32" choke.

It said the QU 452 development well confirms the extension of the shallow producing trend, and is expected to result in additional development drilling targets and an increase to the company's reserves.

Range Resources said that four of its fleet of six drilling rigs are now fully operational, and it is currently evaluating the possibility of moving one of the rigs, rig 8, to the South Quarry licence to drill additional development targets and expedite the drilling programme.

The company said its total 2P reserves have increased by over 9% to 22.1 million barrels of oil, from the previously reported 20.2 million barrels of oil, due to its ongoing development drilling programme and consequent update to development schemes in Trinidad.

During an unspecified period, the company said it produced 1.2 million barrels of oil from its three fields.

"The increase in these reserves figures is a result of our ongoing drilling, de-risking and development planning work. The increase in reserves more than replaces production since the last report again highlighting the development potential of the acreage," said Chief Executive Rory Scott Russell in a statement.

Range Resources shares were up 6.1% at 1.65 pence Monday morning.

By Rowena Harris-Doughty; rowenaharrisdoughty@alliancenews.com; @rharrisdoughty

Copyright 2014 Alliance News Limited. All Rights Reserved.